When Kmart Moved Out, Churches and Flea Markets Moved In - The New York Times: The retailer’s former stores are being used by tenants that might not typically get a crack at such a large haul of commercial space at an affordable price.
The Pret Index: Wall Street Latte Sales Approaching Bear Market: Pret A Manger Ltd.’s transaction volume last week in the geographical cluster that includes Wall Street was down 15% from July. At that time, the sandwich chain’s sales reached a pandemic high in downtown Manhattan, having returned to roughly 40% of pre-Covid levels.
Retail sales July 2021 worse-than-expected 1.1% in July as rising Covid fears hit consumers: Retail sales were expected to decrease 0.3% in July, according to economists surveyed by Dow Jones.
Talen Energy Bonds Drop on Earnings Outlook, Debt Concerns: Talen Energy Corp. bonds sank after the closely held company gave investors a downbeat earnings outlook on Thursday and failed to quell speculation it’s considering debt reduction proposals that might harm the interests of some creditors.
Malls are rebounding but Q2 shows how cloudy their future is | Retail Dive: A once dependable retail format has become unpredictable as REITs sign shorter leases with variable rents and bet on "mixed use."
Maps Show the Severe Drought Gripping California and the West - The New York Times: Maps show that drought conditions are the most widespread and severe in at least 20 years, with reservoirs running dry.
Bankruptcy Lending Is Very Profitable (Rosen, Jung) | Lowenstein Sandler LLP: In a historically low interest rate environment, where can you find returns in the double digits? Surprisingly, the answer is in chapter 11 bankruptcy cases as a “DIP” (debtor in possession) lender.
Meet the Long Island guys who love unloved shopping malls - MarketWatch: Busted malls? They’ll pay cash. Why two guys in Long Island, New York, see a gold mine in paying all-cash for malls discarded by other property owners.
China Evergrande Boss Steps Down as Chairman of Its Flagship Property Business - WSJ: Real-estate billionaire Hui Ka Yan is leaving the role months after the unit dropped plans for a multibillion-dollar listing on the mainland.
Alvarez & Marsal Announces Vaccination Policy For All U.S. Employees: All vaccinated employees must show up for work in our offices on September 7. Only vaccinated employees and visitors who show proof of vaccination will be allowed to enter A&M’s offices. Unvaccinated employees have 75 days to get vaccinated and show proof of vaccination. Any remaining unvaccinated employees will be placed on unpaid leave of absence beginning October 31 for up to 6 months. Exceptions will be granted for pregnant women. Exceptions will be considered upon request for medical reasons or deeply held religious beliefs but there is no assurance that they will be granted.
